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Dr Madhu Nambiar, founder and CEO of Sobha Renaissance IT (SRIT), has teamed up with Bangalore-based IT entrepreneur Giri Devanur to buy out Sobha Developers Chairman PNC Menon’s entire personal stake in the IT entity, a source close to the development told VCCircle.

Dr Madhu Nambiar and Giri Devanur will together hold 75% stake in SRIT, following this transaction, which values the IT services company at Rs 350 crore at the enterprise level. The duo will be acquiring control in the firm through a management buyout structure. It is understood that Dr Nambiar will hold a controlling stake.

The deal is subject to regulatory and other approvals. Both Dr Nambiar and Devanur could not be contacted at the time of filing this story. Sobha Developers, which holds 20% in the company, will continue to retain its stake. VCCircle had, on January 18, 2010, broken this development that Sobha Developers chairman would exit the decade-old investment in IT services.

As per the earlier VCCircle report, SRIT, with an annualised revenue run rate of Rs 140 crore, was being carved out for strategic sales with Religare Technova close to snapping up the healthcare solutions business. It is understood that the healthcare solutions deal is expected to be announced soon.